Mumbai, 04 Oct (Commoditiescontrol):After a consistent performance in the previous session, cardamom prices in major Kerala markets observed a downward trend. The peak market price for cardamom took a dip, moving from Rs 2,492 to Rs 2,380 per kilogram. The average selling price also experienced a slight drop, moving from Rs 1,747-1,771 per kilogram to Rs 1,721-1,742 per kilogram. The downtick in prices is primarily attributed to the pressure from increased arrivals in the spot market.
Despite this decline, grade-specific rates in Idukki maintained stability for the second consecutive session, spurred by high demand. Market insiders report that 7 mm grades are priced between Rs 1,780 and Rs 1,890. Meanwhile, grades measuring 7-8 mm range between Rs 2,060 and Rs 2,100. The prices for grades 8 mm and above hover between Rs 2,260 and Rs 2,350.
In another significant development, after remaining below the 1.0 lakh kg mark for a span of fifteen days, the total arrivals for the third session exceeded this benchmark. However, it was still a decline from the previous session, recording 108,116 kg, a slight drop from the 125,227 kg in the preceding session. The total quantity of cardamom offloaded also saw a decrease, standing at 97,158 kg, down from the 115,673 kg in the last session. This led to a decrease in the daily offtake percentage from 92.4% to 89.8%.
While short-term projections for cardamom prices suggest a steady to weak performance, primarily due to the pressure from increased arrivals, there's a silver lining. The upcoming Diwali demand, combined with anticipated lower production, is expected to offer robust support to cardamom prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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